Bitcoin price drops below USD 600, following relative stability

Friday 25 July 2014 10:42 CET | News

Bitcoin price volatility has been flat in the June – July 2014 interval, according to the Coinometrics volatility index, cited by

According to the source, in the above-mentioned interval, with all the hype around Bitcoin, its price was expected to be skyrocketing again. In fact, the value of a Bitcoin had not closed below USD 600 over the last 30 days, according to the CoinDesk BPI.

“In any other time, in any part of 2013, and even before that, an event like Dell [taking Bitcoin], would have shot the price up by 20-50%,” said Mark Lamb, chief executive of London-based exchange Coinfloor, cited by the same source. Coinfloor has been growing its daily trading volume of about 150 BTC since it launched in March 2014.

At press time, the price of Bitcoin on the CoinDesk USD Bitcoin Price Index had lost its long-time stability, dropping roughly 4% since the day’s open to sit at USD 595.73. This figure was up from the day’s low of USD 591.46, but down measurably from its high of USD 618.42. Prices on the CoinDesk CNY Bitcoin Price Index followed a similar path, dropping from CNY 3,832.17 to CNY 3,692.45 at press time.

Bitcoin prices have swung between over USD 900 to as low as USD 341 in 2014. A recent Bloomberg report indicates that Bitcoin`s “bubble image” is the main reason for skepticism among investors, analysts and traders.

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Keywords: Bitcoin, virtual currency, price volatility, Coinometrics volatility index, CoinDesk USD Bitcoin Price Index
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce